Red Start for AM Corn Market

Corn futures are a penny to 2 cents lower on an early Tuesday reaction to the USDA Crop Progress numbers. Corn futures ended Monday with 6 ¾ to 8 ¼ cent gains. December closed near the high for the session, but stayed under the $5 mark @ the close. 

NASS reported the national corn crop was 88% in the dough stage as of 8/27. That was a 10% point advancement through the week and remains 2% points ahead of average. The update showed 51% was dented compared to 49% on average. USDA also mentioned 9% of the crop reached maturity as of 8/27, up 5% points for the week and 1 ppts ahead of average. Crop condition ratings fell by 7 points on the Brugler500 Index to 342. The combined good/excellent category dropped to 56%, holding up better than expected given the heat. IL, NC, MO, WI, and TN all improved slightly while most states were double digits weaker on the index. NE fell the most with an 18 point drop to 337. MO remains the lowest rated state with a 291 on the Brugler500. 

USDA’s weekly Export Inspections report had 597,144 MT of corn shipments for the week that ended 8/24. That was up from 511k MT last week but down from the 700k MT shipped during the same week last year. The weekly report had the season total at 36.779 MMT (1.448 bbu). 

According to Patria Agronegocios, Brazil has harvested 82.8% of the 2nd crop, compared to 89.2% last year. Brazilian producers have begun summer crop corn planting in RGDS, Santa Cat and Parana.

Sep 23 Corn  closed at $4.78 1/2, up 7 3/4 cents, currently down 1 1/2 cents

Nearby Cash   was $5.02 3/8, up 0 cent,

Dec 23 Corn  closed at $4.96 1/4, up 8 1/4 cents, currently down 1 1/2 cents

Mar 24 Corn  closed at $5.11, up 8 1/4 cents, currently down 1 1/2 cents